371,427 Shares in Cytek Biosciences, Inc. $CTKB Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 371,427 Cytek Biosciences shares during the second quarter, valued at approximately $1.65 million and representing about 0.29% of the company. Institutional investors collectively own 69.46% of CTKB.
• Cytek reported quarterly revenue of $48.14 million, above analysts’ $47.31 million estimate, while EPS of negative $0.09 matched expectations. The company remains unprofitable, with a negative net margin of 38.98%.
• CTKB recently traded at $4.62, down 1.7%. Analysts’ consensus rating is “Hold”, with an average price target of $5.56, although individual ratings range from Buy to Sell.

Bank of New York Mellon Corp acquired a new stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 371,427 shares of the company's stock, valued at approximately $1,645,000. Bank of New York Mellon Corp owned approximately 0.29% of Cytek Biosciences as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CTKB. Boston Partners grew its position in shares of Cytek Biosciences by 13,369.4% in the 4th quarter. Boston Partners now owns 5,008,309 shares of the company's stock worth $25,297,000 after acquiring an additional 4,971,126 shares in the last quarter. Topline Capital Management LLC lifted its stake in Cytek Biosciences by 255.7% during the second quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company's stock worth $17,786,000 after purchasing an additional 3,760,485 shares during the last quarter. Wellington Management Group LLP acquired a new position in Cytek Biosciences in the third quarter worth $8,817,000. Millennium Management LLC increased its stake in Cytek Biosciences by 269.6% during the third quarter. Millennium Management LLC now owns 3,418,382 shares of the company's stock valued at $11,862,000 after purchasing an additional 2,493,610 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Cytek Biosciences by 527.6% during the fourth quarter. Russell Investments Group Ltd. now owns 1,001,127 shares of the company's stock worth $5,056,000 after purchasing an additional 841,614 shares during the period. Institutional investors own 69.46% of the company's stock.

Cytek Biosciences Stock Down 1.7%

CTKB stock opened at $4.62 on Wednesday. The stock has a market cap of $600.51 million, a PE ratio of -7.45 and a beta of 1.18. The firm's 50-day simple moving average is $4.57 and its 200 day simple moving average is $4.38. Cytek Biosciences, Inc. has a fifty-two week low of $3.28 and a fifty-two week high of $6.18.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, hitting the consensus estimate of ($0.09). The firm had revenue of $48.14 million during the quarter, compared to analysts' expectations of $47.31 million. Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. Equities analysts forecast that Cytek Biosciences, Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CTKB shares. Stephens decreased their price target on shares of Cytek Biosciences from $5.50 to $4.75 and set an "overweight" rating for the company in a report on Wednesday, May 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Finally, Morgan Stanley set a $5.00 target price on Cytek Biosciences in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Cytek Biosciences presently has an average rating of "Hold" and a consensus price target of $5.56.

About Cytek Biosciences

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company's core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.

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